Ron Baron

Ron Baron

Last Update: 03-10-2015

Number of Stocks: 361
Number of New Stocks: 29

Total Value: $24,949 Mil
Q/Q Turnover: 3%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Ron Baron' s Profile & Performance

Profile

Ron Baron is the founder of Baron Capital Management. He is Co-Portfolio Manager of Baron Asset Fund and remains Portfolio Manager of the Growth and Partners Funds. Baron graduated from Bucknell University with a B.A. in Chemistry, and later attended George Washington University Law School in the evenings.

Web Page:http://www.baronfunds.com/

Investing Philosophy

Ron Baron invests primarily in small and mid-size growth companies. He likes companies with open-ended growth opportunities and defensible niches. He applies a bottom-up company research, invests for the long-term, and tries to purchase companies at what he believes are attractive prices. He invests in growth companies using a value-oriented purchase discipline. Baron ignores short-term market fluctuations when he believes the fundamental reasons for purchasing a company have not changed. He holds investments for longer than five years on average.

Total Holding History

Performance of Baron Partners Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
201410.2613.69-3.4
201347.6332.3915.2
201216.4160.4
3-Year Cumulative89.5 (23.7%/year)74.6 (20.4%/year)14.9 (3.3%/year)
2011-5.742.11-7.8
201031.5215.0616.5
5-Year Cumulative134.9 (18.6%/year)105.1 (15.5%/year)29.8 (3.1%/year)
200928.226.461.7
2008-46.67-37-9.7
200711.345.495.9
200621.5515.795.8
200514.374.919.5
10-Year Cumulative148.6 (9.5%/year)109.4 (7.7%/year)39.2 (1.8%/year)
200442.3510.8831.5
200334.9528.686.3
2002-18.07-22.14.0
2001-15.71-11.89-3.8
20004.82-9.113.9
15-Year Cumulative245.6 (8.6%/year)86.4 (4.2%/year)159.2 (4.4%/year)
199918.4221.04-2.6
199811.6828.58-16.9
199749.8833.3616.5
199616.1322.96-6.8
199536.9437.58-0.6
20-Year Cumulative989.6 (12.7%/year)554.6 (9.8%/year)435 (2.9%/year)
19944.761.323.4
199328.7810.0818.7
199216.837.629.2

Top Ranked Articles

Ron Baron Suggests The Stock Market Could Be Setting Up for An Epic Run
Against my better judgement I caught a little bit of CNBC this morning. But to my surprise they had Ron Baron on for an extended interview. Imagine a financial network speaking to an investor who invests based on how the stock market values a business in relation to how that business is going to perform over the next five years! Read more...
Ron Baron on AECOM Technology, Carrizo Oil & Gas, LKQ (LKQX), Allegiant Travel and Macquarie Infrastructure Company
Ron Baron invests in small and mid-size growth companies. He likes companies with open-ended growth opportunities and defensible niches. These are the commentaries excerpted from his fund's quarterly report. Related companies: AECOM Technology (ACM), Carrizo Oil & Gas (CRZO), LKQ (LKQX), Allegiant Travel (ALGT) and Macquarie Infrastructure Company (MIC). Read more...
That Baron Conference
The Baron Funds’ yearly extravaganza on Oct. 24 had almost been cancelled this year--because the markets are so far down, because the Baron funds are so far down. Read more...
Ron Baron Likes Layne Christensen, Ritchie Brothers Auctioneers, Bankrate and China Nepstar
If you are looking for small cap growth companies, you should certainly look at what Ron Baron is buying. Baron invests in growth companies using a value-oriented purchase discipline, a lot like what Peter Lynch was doing. One issue with tracking Ron Baron was that at the time when we report, the stock prices have gone up. It is not the case this time. Read more...
Ron Baron on C.H. Robinson Worldwide, Inc., Chicago Mercantile Exchange, FactSet Research Systems Inc., SAIC, Inc.
Ron Baron likes to buy companies that have long term growth potential. He used to supply research reports to Peter Lynch. If you want someone who has Peter Lynch's style of investing, Ron Baron is the closest. These are the commentaries of his firm on C.H. Robinson Worldwide, Inc., Tiffany & Co., Chicago Mercantile Exchange, FactSet Research Systems Inc., SAIC, Inc. C.H. Robinson Worldwide, Inc. (CHRW) Read more...
» More Ron Baron Articles

Commentaries and Stories

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Baron Opportunity Fund Fourth Quarter 2014 Commentary
Baron Opportunity Fund had a modest fourth quarter, gaining 3.56%, but trailing both the Russell Midcap Growth Index, which rose 5.84%, and the large-cap S&P 500 Index, which increased 4.93%. More...

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Baron Funds Comments on TerraForm Power Inc
During the quarter, we re-initiated a position in TerraForm Power, Inc. (TERP), a dividend growth-oriented company formed to own and operate contracted clean power generation assets acquired from parent company SunEdison, the third largest worldwide solar energy developer. The company is a part of a new class of investments, known as a “yieldcos,” which are similar to traditional energy master limited partnerships. These “yieldco” businesses are comprised of long-lived assets contracted with creditworthy counterparties, stable cash flows, favorable tax attributes, and predictable growth driven by assets “dropped down” by the parent company due to the yieldco’s lower cost of capital. During the quarter, the companies announced a transformational acquisition to acquire First Wind for $2.4 billion, which serves to diversify the platform into wind energy as well as accelerate its growth. With 24% CAGR in dividend per share now expected through 2019, we think TerraForm is an attractive total return investment in the rapidly growing global renewable energy sector. (Rebecca Ellin) More...

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Baron Funds Comments on Financial Engines Inc
Shares of Financial Engines, Inc. (FNGN), a service provider to defined contribution plans and individual investors, have declined by approximately 50% from their peak in early 2014.The Fund took advantage of low share prices to add to the position it established in the previous quarter. The stock remained weak in the fourth quarter following an unexpected management change. The new CEO has substantial operating and marketing experience, and has worked for Financial Engines since 2001. Accordingly, we think this change could be a positive and our long-term investment premise still holds. Financial Engines is the dominant player in a $5 trillion defined contribution retirement market. The company currently has contracts encompassing approximately $1 trillion in plan assets and manages over $100 billion. We believe there is significant potential to increase both figures through increased sales to plan sponsors, improved marketing to plan participants and broadened product offerings. Additionally, we believe the company can eventually use its expertise to service the IRA and defined benefit market, each with an additional $5 trillion More...

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Baron Funds Comments on Pinnacle Entertainment Inc
Shares of Pinnacle Entertainment, Inc. (PNK), a regional casino company, declined in the fourth quarter after the company announced it would start the process of converting to a REIT and spinning off its real estate assets. Investors grew cautious ahead of a proposed equity offering that Pinnacle is planning for mid-2015 to help reduce its debt. The Fund exited its position in Pinnacle. (David Baron) More...

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Baron Funds Comments on Colfax Corp
Shares of global industrial machinery company Colfax Corp. (CFX) fell in the fourth quarter on reports of weaker-than-expected third quarter earnings and below-consensus 2015 guidance. Shares also declined as the market rotated out of companies such as Colfax with exposure to falling oil and gas pricing, slowing international markets, and headwinds from foreign exchange exposure. We believe Colfax will use its proven business system to improve operations of acquired companies, which we believe will generate substantial shareholder value over time. (Rebecca Ellin) More...

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Baron Funds Comments on CaesarStone Sdot-Yam Ltd
CaesarStone Sdot-Yam Ltd. (CSTE) saw its stock price rise in the fourth quarter. CaesarStone is a leading global manufacturer of quartz surfaces for kitchens and bathrooms. Performance was driven by a strong earnings beat for the third quarter and management’s rosy outlook, as earnings growth continues to accelerate from successful new product launches and quartz market share gains vs. other countertop materials, such as granite and marble. (David Kirshenbaum) More...

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Ron Baron’s Baron Focused Growth Fund Q4 2014 Quarterly Report
Dear Baron Focused Growth Fund Shareholder: More...

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Baron Funds Comments on Zillow Inc
We initiated a position in Zillow Inc. (Z) in the quarter. Zillow is the leading online real estate site in the U.S., offering information on homes for sale and rent, in addition to the Zillow Mortgage Marketplace. The company also owns and operates Street Easy, the leading real estate site for New York City. Zillow continues to invest in its brand as the leader in an $8 billion real estate advertising market. The company is merging with number two player Trulia, pending FTC approval. With the transition to online and mobile, we believe Zillow is well positioned to grow meaningfully from the 4% share it has today, and will generate meaningfully more revenue, cash flow, and shareholder value over the next several years. (Ashim Mehra) More...

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Baron Funds Comments on Air Lease Corp
Air Lease Corp. (AL) leases commercial aircraft to airlines around the world. Air Lease owns 221 planes, with 372 new planes worth about $29 billion on order. This is in anticipation of increased demand from U.S. and European airlines for more fuel-efficient models to replace their aging fleets, and the need for more lift in emerging markets. Aircraft demand remains strong, led by passenger traffic growth (up 5.8% through November 2014) and healthy customer profit margins. Revenues (+24% through the third quarter of 2014) and EPS (+41%) are growing as its fleet builds. Air Lease has greater than 65% of leases placed through 2016, providing predictable cash flows, and a well-capitalized balance sheet to generate a long “runway” of profitable growth. We believe Air Lease is trading cheaply compared to its potential earnings power. (David Goldsmith) More...

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Baron Funds Comments on The Carlyle Group
Shares of alternative asset manager The Carlyle Group (CG) fell in the fourth quarter. The company continues to perform in accordance with our investment thesis, and assets under management remained largely flat in a challenging year. However, lower investment realizations resulted in a lower dividend payout, and lower performance fees resulted in a sharp drop in distributable earnings. Its hedge fund business also performed poorly. On a positive note, Carlyle has increased its diversification and is in an improved position to stabilize distributable earnings. (Michael Baron) More...

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Baron Funds Comments on Tesla Motors Inc
After performing better than the market for most of 2014, shares of electric vehicle (EV) company Tesla Motors Inc. (TSLA) declined in the fourth quarter because traders believe lower oil prices reduce the near-term appeal of its cars. The company also delayed by three months the launch of its next model (“X”) to the second half of 2015. While we view the pursuit of a perfect product pre-launch as a positive, it points to the execution risk in a new category like EVs. We believe Tesla is an attractive long-term investment given its talent pool, technology leadership, first mover advantage, scale, and brand. (Gilad Shany) More...

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Baron Funds Comments on Concho Resources Inc
Concho Resources, Inc. (CXO) is an independent E&P company focused on the Permian Basin in West Texas and New Mexico. Concho shares fell in the fourth quarter amid the rout in oil prices. While Concho is executing on its drilling programs and seeing improving well results and widening prospects within its asset base, the impact of lower prices on cash flows is diminishing near-term growth forecasts and raising concerns about the future value of its inventory. We see the current environment as an opportunity for Concho to add high quality assets at attractive prices. (Jamie Stone) More...

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Baron Funds Comments on IDEXX Laboratories Inc
Shares of IDEXX Laboratories, Inc. (IDXX), a leader in veterinary diagnostics, rose in the fourth quarter on better-than-expected earnings and progress on moving to a direct distribution model in the U.S. IDEXX’s fundamentals continue to improve, with organic growth in its core business reaching 12% in the most recently reported quarter. We believe organic revenue growth at current levels is sustainable due to recent innovations in IDEXX’s portfolio of diagnostic products, instruments, data management tools, and geographic expansion. (Rebecca Ellin) More...

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Baron Funds Comments on CoStar Group Inc
Shares of CoStar Group, Inc. (CSGP), the leading provider of information and marketing services to the commercial real estate industry, contributed to performance in the fourth quarter. We attribute this to continued robust financial performance, early synergy generation from the acquisition of Apartments.com, and better relative performance from higher multiple growth stocks over the ownership period. Ongoing investments in R&D and a doubling of the sales force will, in our view, help increase customer penetration, while the acquisition of Apartments.com extends CoStar’s reach into multi-family lead generation. (Neal Rosenberg) More...

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Baron Funds Comments on CarMax Inc
Shares of CarMax, Inc. (KMX), the nation’s largest used car retailer, rose sharply during the fourth quarter after reporting strong results, highlighted by accelerating sales and earnings growth. Demand for the company’s high quality, late model vehicle inventory has remained strong and coincides with resurgent new car sales and an attractive financing environment. In addition, shares have been buoyed recently by the announcement of a large share repurchase program that we believe will be significantly accretive to earnings over the next several years. (Matt Weiss) More...

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Ron Baron's Baron Partners Fund Fourth Quarter 2014 Commentary Ron Baron - Ron Baron's Baron Partners Fund Fourth Quarter 2014 Commentary
Baron Partners Fund advanced 5.33% during the fourth quarter of 2014. The Russell Midcap Growth Index, the benchmark against which we compare the performance of this Fund, advanced 5.84% in the period. Baron Partners Fund outperformed the S&P 500 Index, which measures the performance of large cap companies, by 40 basis points in the period. For the full year 2014, the Fund underperformed its benchmark by 164 basis points and the S&P 500 Index by 343 basis points. More...

STOCKS, COMMENTARY, BARON PARTNERS FIRM


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Baron Funds Comments on BRP Inc
In the quarter, we increased our position in power sports vehicle company BRP, Inc (TSX:DOO). We believe the recent decline in the stock is an opportunity and current difficulties involving Russian sales, poor weather and a slight delay in moving manufacturing to Mexico should create easy comparisons for FY 2016 (end January 2016) and stronger sentiment in the stock. We believe the company’s strategy has not changed and it continues to innovate and introduce new product while lowering costs. While this strategy will take another two years before full implementation, it should set the stage for growth of revenue, earnings and cash flow and create an even stronger company. Its balance sheet remains strong and management has indicated it will look at the initiation of possible dividends. (David Baron) More...

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Baron Funds Comments on Benefitfocus Inc
The Fund added to its position in Benefitfocus, Inc. (BNFT), a leading provider of cloud-based benefits software. The company offers an integrated suite of solutions to help customers shop, enroll, manage, and exchange benefits information. Benefits are presented in a user-friendly manner that allows insured individuals and their dependents to access all their benefits in one place. The company is experiencing accelerating demand, driven by the Affordable Care Act and a shift towards defined contribution benefits, which requires the enhanced insight and consumer experience offered by modern software applications. We believe that Benefitfocus serves an addressable market more than 100 times larger than its current business, which should allow the company to compound revenue at more than 30% annually. (Neal Rosenberg) More...

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Baron Funds Comments on AO World plc
In the quarter, we increased our position in AO World plc (LSE:AO.). AO World is the UK’s leading online retailer of major domestic appliances. The company has more than 10% share of the overall UK market and sets itself apart from its competitors through its proprietary software, optimized supply chain, and stellar customer service. We believe AO is positioned to benefit over the next several years from a secular move to online buying, combined with the company’s comparable pricing, better selection and outstanding customer service. We believe the company will be successful in growing its share of the UK market, expanding into the larger German market, and entering new Western European markets. (Ashim Mehra) More...

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Baron Funds Comments on Core Laboratories NV
Core Laboratories N.V. (CLB) is a technology-focused oilfield services and equipment company with the majority of its revenues generated outside the U.S. Shares came under pressure in the fourth quarter due to worse- than-expected third quarter operating results and fourth quarter guidance and rising concerns about the impact that lower oil prices would have on future customer capital investment. Lower oil prices are resulting in reduced earnings expectations for Core as drilling and completion activity is expected to fall sharply in 2015. (Jamie Stone) More...

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User Comments

Francesca turner
ReplyFrancesca turner - 1 year ago
why is illumina performing so badly and do you still own it?

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